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Business owners often face an impossible situation when they try to market a new product. They want to promote their new offering, but they also know competitors might clone the idea, stealing potential customers. However, failing to market the new product means potential customers never learn about it, which can be equally disastrous. There is no simple solution to this dilemma, but there are ways to minimize the risk of idea theft.

Patent or Copyright

The best way to protect a product is to obtain a patent or copyright. If you have a material product, such as a new piece of machinery, that is novel, useful or a significant improvement over another product, you might qualify for a patent. If your product is a creative work, such as a book, you might qualify for a copyright. The legal requirements for patent and copyright eligibility are complex, so discuss your options with an intellectual property attorney. If you successfully obtain a patent or copyright, it will be difficult for other companies to steal your idea once you begin marketing. Even if they do rip you off, you'll be able to sue for damages.

Establish an Advantage

If your product doesn't qualify for a patent, your path forward is more difficult. One way to limit your chances of being ripped off is to establish some advantage that others can't easily mimic. For example, perhaps you can negotiate an exclusive deal with the lowest-priced company that supplies vital ingredients or components for your product. This would simultaneously lock in a price advantage and make it more difficult for competitors to create a similar product. Also, offering the product for a low price decreases the attractiveness of ripping off your idea -- competitors might think the low profit margins aren't worth the hassle. Finally, you can use the low price as a key selling point in your marketing campaigns.

Build a Brand Identity

A difficult, but worthwhile, marketing strategy is establishing a brand identity that creates strong customer loyalty. For example, top soda manufacturers don't offer products that are hugely different from the products of lower-tier competitors -- after all, they’re all just variations of sugary water -- but top manufacturers engage in extensive and expensive branding campaigns to keep competitors at bay. Coca-Cola, for example, launches global advertising campaigns to strengthen its powerful brand identity. As effective as this strategy might be, the creative and financial costs are steep, perhaps too steep for a business just getting off the ground.

Act Fast

If you don't have a patent, can't establish a distinct advantage of any kind and don't have the means to develop a strong brand identity, you might not be able to protect your new product from competitors. Your only option is to act fast. Get your product out there by marketing it heavily, aiming to secure a large share of the potential market before competitors can get their own efforts in gear. This way, you’ll be developing customer loyalty while your competitors are still at the drawing board.

About the Author

Stan Mack is a business writer specializing in finance, business ethics and human resources. His work has appeared in the online editions of the "Houston Chronicle" and "USA Today," among other outlets. Mack studied philosophy and economics at the University of Memphis.